The CalPERS Board of Administration formally adopted investment portfolio Candidate C at its Dec. 20 meeting. This candidate portfolio has an asset mix that is projected to yield a 30–year blended rate of return of 7 percent (discount rate). The board was presented with four candidate portfolio options each portfolio yielding its own projected rate of return ranging from 6.5 percent to 7.25 percent.

Ensures Money Dedicated to Transportation Cannot be Taken for Other Uses

The League Board of Directors earlier this month voted unanimously to support ACA 5, which prohibits the state from taking or redirecting the new transportation revenues generated through SB 1 (Chapter 5, Statutes of 2017), the Road Repair and Accountability Act of 2017, which are not already protected in the state constitution. The ballot measure, scheduled for the June 2018 statewide election, extends some of the same protections that other transportation revenues already have under the California Constitution.

In response to changes in state housing laws that will go into effect on Jan. 1, 2018, the League of California Cities® has prepared a comprehensive compendium of key legislation to help cities prepare and comply. A 2018 Guide to New Housing Law in California provides information on the most significant bills affecting cities contained in the housing bill package Gov. Jerry Brown signed this fall. Organized into three main categories — funding, streamlining and local accountability — the guide details provisions of each of these measures and answers important questions that cities may consider to comply with the new laws.

Governor to Release Proposed FY 2018–19 Budget Week of Jan. 8

The Legislature will reconvene on Wednesday, Jan. 3 to begin its 2018 work. This is the start of the second year of the 2017–18 Legislative Session, which goes through Aug. 31, 2018. The year promises to be extremely busy with races that will determine California’s leaders in Sacramento and Washington, D.C., plus statewide ballot measures going to voters on the June and November ballots.

The League of California Cities® will unveil a refreshed CA Cities Advocate in January that will provide subscribers with critical news, events and resources in a new format. Designed to meet the needs of readers who stay informed on the go with their mobile devices or on their computers, the contemporary layout will quickly convey key information with new visual elements.